A confidential buyer is placing $9M to $15M of 1031 proceeds into single tenant net leased industrial in northern Nevada. Every offering memorandum was checked against the county record and the lease abstract before anyone wrote an email.
Single tenant industrial for sale in the region, screened down to six by price, term and credit.
Three per listing. Each one comes from a gap between the OM and the record.
Saved for the second round, once a broker has answered the first three.
45 days from the September 15 sale. The send order is built around it.
| Property | SF | Ask | $/SF | Cap | Term left | Why it ranks here | |
|---|---|---|---|---|---|---|---|
| 1 | 1450 Greg StreetSparks · Auto parts distributor | 61,200 | $12.40M | $203 | 6.25% | 8.5 yrs | Best credit in the set. The square footage and the rent date both need answers. |
| 2 | 655 Waltham WayMcCarran · Packaging manufacturer | 96,000 | $14.90M | $155 | 6.10% | 11.0 yrs | Only lease past ten years. Top of the range, so it has to be clean. |
| 3 | 2205 Lear BoulevardReno · HVAC supply distributor | 48,000 | $9.85M | $205 | 6.60% | 7.7 yrs | Strong yield. A right of first refusal could stall a 1031 timeline. |
| 4 | 460 Vista BoulevardSparks · Food distributor | 52,400 | $10.75M | $205 | 6.45% | 5.2 yrs | Cold storage adds value, and it adds roof and refrigeration questions. |
| 5 | 5585 Equity AvenueReno · Building products | 41,000 | $9.20M | $224 | 6.85% | 4.1 yrs | Bottom of the range. Term is short for this buyer. |
| 6 | 2850 Vassar StreetReno · Medical supply | 38,600 | $9.05M | $234 | 7.00% | 3.0 yrs | Held as the backup. Three years left on the lease. |
Square footage and price as marketed. Cap rates are the listing's own, recomputed from the stated NOI. Two of the six do not hold up against the record, and the questions on page 2 are built from that.
Hi Morgan,
Dana Whitlock at Basin & Range is representing a confidential buyer on a 1031 exchange, single tenant net leased industrial in northern Nevada at $9M to $15M. We're looking at 1450 Greg Street. Three things before we take it to her:
Please reply all so Dana stays on the thread.
Best,
Basin & Range Commercial
Why these three. The size gap moves the price per foot by $11, which decides whether this beats Vista Boulevard. A rent that starts next March means the 6.25% is a future yield, not today's. Roof terms change the reserve the buyer has to hold.
Hi Chris,
Dana Whitlock at Basin & Range is representing a confidential buyer on a 1031 exchange, single tenant net leased industrial in northern Nevada at $9M to $15M. We're looking at 2205 Lear Boulevard. Three things before we take it to her:
Please reply all so Dana stays on the thread.
Best,
Basin & Range Commercial
Why these three. An impossible date usually means a typo was copied from the abstract, so the real term needs confirming. A subsidiary guaranty is a different credit. A live right of first refusal can push a closing past the 180-day exchange deadline.
1. County is right on the building. The 61,200 adds a 3,300 SF mezzanine office. 2. In place is $742,000 until the March bump. 3. Roof is landlord, replaced 2019 with a 20-year warranty. I can send it.
| Price per foot | $214 not $203 |
| Cap on in-place rent | 5.98% not 6.25% |
| Roof reserve | Low warranty to 2039 |
Still a contender, at a lower yield than marketed. Logged to the brief for Dana with the warranty requested.
| When | What goes out | If nothing comes back |
|---|---|---|
| Day 0Sep 29 | Six emails, one per property, in the ranked order. Morning send so a reply can land the same day. | Wait two business days |
| Day 2Oct 1 | Reply on the same thread: "Following up on the below. The buyer identifies by October 30, so the three answers decide whether this makes the list." | Call the office |
| Day 4Oct 5 | Call the listing broker's office and ask for the transaction coordinator. Confirm the OM and the county record in the same call. | Move it down the list |
| Day 6Oct 7 | Brief to Dana: what each broker answered, what is still open, and a recommended identification list of three. | Backup stays live |
The exchange clock drives the whole cadence. The relinquished property sold September 15. Up to three replacement properties must be identified in writing by October 30, and one has to close by March 14, 2027. A listing that can't answer three questions in a week does not make the list.
| Greg, Waltham | Listing page, matched to the broker's bio | Verified |
| Lear, Vista | Brokerage team page | Verified |
| Equity | Co-listing broker only on the OM | Both cc'd |
| Vassar | Lookup, not on the listing | Check bounce |
Six to eight more per property, sent only after the first three come back.
Eleven years of term at $155 a foot. All three answers came back clean. The only open item is the estoppel, which the seller has offered.
A 5.98% cap on in-place rent, not 6.25%. Best credit in the set and a new roof. Worth a counter priced off the real yield.
Holds the third slot so a failed inspection doesn't break the exchange. The refrigeration questions are out, with answers due October 9.
| Property | Sent | Answered | Status | Next |
|---|---|---|---|---|
| 655 Waltham Way | Sep 29 | 3 of 3 · Sep 30 | Identify | Estoppel and rent roll requested |
| 1450 Greg Street | Sep 29 | 3 of 3 · Sep 30 | Identify | Roof warranty requested; price at 5.98% |
| 460 Vista Boulevard | Sep 29 | 1 of 3 · Oct 5 | Backup | Refrigeration answers due Oct 9 |
| 2205 Lear Boulevard | Sep 29 | 3 of 3 · Oct 2 | Off | Right of first refusal not waived |
| 5585 Equity Avenue | Sep 29 | None · called Oct 5 | Parked | Term too short unless the tenant extends |
| 2850 Vassar Street | Sep 29 | 2 of 3 · Oct 6 | Parked | Kept warm in case two identifications fail |
Lear Boulevard comes off. The tenant has not waived its right of first refusal, so a closing inside 180 days can't be counted on.